11 Years of PMJDY: How Jan Dhan Changed India’s Banking Story Forever

It was on August 28, 2014, when Prime Minister Narendra Modi stood before the nation and announced a bold promise: to bring every Indian, no matter how poor or remote, into the formal banking system. Many saw it as an ambitious dream. Eleven years later, that dream has reshaped India’s financial landscape.

The Pradhan Mantri Jan Dhan Yojana (PMJDY), the world’s largest financial inclusion programme, turned 11 today—carrying with it not just statistics, but stories of empowerment, dignity, and access that were once unimaginable for millions of households.

11 Years of Jan Dhan

When PMJDY began, the target was simple yet monumental: provide every unbanked household with a bank account. Today, that vision has resulted in more than 56 crore Jan Dhan accounts, a deposit balance of ₹2.68 lakh crore, and a ripple effect that has transformed how India manages welfare, savings, and digital payments.

Union Finance Minister Nirmala Sitharaman, speaking on the occasion, underlined the deeper philosophy behind the programme:

“Financial inclusion is a key driver of economic growth and development. Universal access to bank accounts enables the poor and marginalised to participate fully in the formal economy and benefit from its opportunities.”

Her statement resonates in the numbers. 67% of these accounts are in rural and semi-urban areas—the regions that needed this the most. Even more telling is the fact that over half (56%) of accounts belong to women, highlighting how PMJDY has become a tool of empowerment for India’s most underserved.

Building the Foundation of Direct Benefit Transfer

Beyond banking access, PMJDY became the backbone of India’s Direct Benefit Transfer (DBT) revolution. Welfare schemes that once leaked funds through middlemen and corruption now directly credit money into beneficiaries’ accounts.

In the fiscal year 2024–25 alone, an astounding ₹6.9 lakh crore was directly transferred into Jan Dhan accounts. This wasn’t just an exercise in efficiency—it restored dignity by giving citizens full control of their entitlements.

With RuPay debit cards, accident insurance of up to ₹2 lakh, overdraft facilities, and linkages to schemes like Mudra loans, Jan Dhan accounts also became gateways to credit, insurance, and pensions—financial services that were once out of reach for millions.

Calling the initiative a “game-changer,” Union Minister of State for Finance Pankaj Chaudhary said:

“The Jan Dhan Yojana is about dignity, empowerment and opportunity. With the support of banks, insurance companies, and state governments, PMJDY has become one of the most successful financial inclusion programmes in the world.”

The scale of this success is visible in the ground-level efforts. Since July this year, over 1.77 lakh financial inclusion camps have been organised across India’s 2.7 lakh Gram Panchayats to help citizens update KYC, open new accounts, and access micro-insurance and pension schemes.

The Digital Push

PMJDY did more than open bank accounts—it created a digital-first generation of financial users. With over 38 crore RuPay cards issued, digital access spread rapidly across rural India.

At the same time, India’s broader digital payments ecosystem took off. Between FY19 and FY25, digital transactions skyrocketed from 2,338 crore to 22,198 crore. UPI alone went from 535 crore transactions in FY19 to 18,587 crore in FY25.

Without Jan Dhan accounts at the base of this pyramid, India’s digital payment revolution might not have achieved such depth.

• Total Accounts: 56.16 crore

• Owned by Women: 31.31 crore (55.7%)

• Rural/Semi-urban accounts: 37.48 crore (66.7%)

• Total Deposits: ₹2.67 lakh crore (12x growth since 2015)

• Average Deposit per Account: ₹4,768 (3.7x growth since 2015)

• RuPay Cards Issued: 38.68 crore

These are not just statistics; they represent trust in the formal system and resilience against financial shocks.

What's Next of PMIDY?

As PMJDY steps into its 12th year, it continues to strengthen India’s JAM Trinity (Jan-Dhan, Aadhaar, Mobile) framework. Together, these tools have made governance more efficient, reduced leakages, and created a financial safety net for millions.

The story of PMJDY is, in many ways, the story of modern India’s economic aspirations: a commitment to ensuring that no citizen is left behind. From cash-in-hand to digital transactions, from exclusion to empowerment, the journey of Jan Dhan has been nothing short of transformative.

As India pushes further toward a $5-trillion economy, the foundations laid by Jan Dhan will remain one of its most powerful enablers.